Following the release of NJBIA’s 2022 Regional Business Climate Analysis this week, NJBIA President and CEO Michele Siekerka spoke to NJ101.5 News’ David Matthau about New Jersey’s outlier status in paying business taxes and having the worst business climate in the region.
“We’re not just an outlier, but we’re an extreme outlier when it comes to costs here in New Jersey, and in particular we’re talking about taxes,” Siekerka said.
The analysis, found here, shows New Jersey is maintaining the highest corporate business tax rate, state sales tax rate and property tax paid as a percentage of personal income, as well as the second highest top income tax rate, in the region.
Siekerka said placing the tax environment on business is especially punitive for small businesses that have been decimated through COVID.
“Every dollar that they’re putting out toward any type of tax, income tax, corporate tax, property tax, is a dollar they’re not reinvesting in themselves, or able to invest in their workforce,” Siekerka told Matthau.
To see the full NJ101.5 report, click here.